Vehicle Physics in the cycles engine?
If you know how to do it in the Game Engine, you're almost done. You can simply play the Game and bake the animation to keyframes while you're at it, reusing the animation later for rendering in Cycles. So after you exit the Game, the keyframes will be baked onto the objects. When you scrub through the timeline, you can see the animation. You can find the Record Animation checkbox in the menu here:



A related question regarding this has been asked here: Can you bake keyframes in BGE and have them work in cycles?

as a side note, as far as I know this technique has been used in an Open Movie project a while ago. To be more specific, it was the car chase scene of Big Buck Bunny